A common reaction of business owners to non-payment is to simply give up the pursuit and simply write money owing off as a bad debt.
This is usually because the perceived cost and hassle involved with debt recovery seems to outweigh the benefits. Yet writing off bad debt means two things, you don’t receive the money you are rightfully entitled to and the client that gets away without paying is likely to do the same thing to someone else in the future.
Using a debt recovery agency to recover that debt, however, will not only export the hassle involved in chasing money, it will also cost surprisingly little when compared with the amount your business stands to lose.
A debt recovery agency is not going to go in and be heavy handed with debtors, which is the reason why people avoid going down this route. There is also the perception that the non-paying client will be put off doing business with your company in the future.
Consider, however, if you really want to continue a business relationship with a non-paying client. A debt recovery specialist will have wide experience in getting debtors to pay up including the ability to trace their whereabouts. They will also have a much higher chance of getting results that mean you won’t be left empty handed.